The Central Bank of Iran has sent an ultimatum to all banks to comply with interest rates on deposits approved by the Money and Credit Council, the top decision-making body of financial markets.
In a letter to bank CEOs, published by the CBI-affiliated news service IBENA, it said despite warnings some banks continue to offer interest higher than the announced caps.
"This is the last and final warning to unruly banks….they will face the banking law enforcement board if they fail to play by the rules," the regulator said rather unambiguously.
October 08, 2022 13:50
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